Obama to Unveil $2B Energy Research Plan
He'd shift revenue from oil and gas leases to pay for it
By Kevin Spak, Newser User
Posted Mar 15, 2013 9:34 AM CDT
An engineer fills an 18650 lithium-ion battery cell with electrolyte using semi-automated equipment at the Argonne National Laboratory's cell fabrication facility in Lemont, Ill, January 14, 2011.   (AP Photo/Argonne National Laboratory)

(Newser) – President Obama wants to get the country off of fossil fuels—using the oil companies' own money. President Obama will today unveil a plan to pump $2 billion into alternative energy research over the next decade, diverting the money from federal oil and gas leases, the New York Times reports. Obama first mentioned the idea in his State of the Union address, and while some Republicans have said they could support it, many in the House are likely to paint it as a tax on energy producers.

The White House's contention is that the money will come from increased drilling revenue on public land over the next decade. Obama sees this as a modest alternative to more sweeping climate change action that would require new revenues, which he has essentially given up on, and will depict it as part of his "all of the above" energy strategy. He'll announce the plan at the Argonne National Laboratory outside Chicago, a major innovator in vehicle technology, reports USA Today. The focus is expected to be on green cars.

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Showing 3 of 45 comments
KDickley
Mar 31, 2013 2:57 PM CDT
We can trust Oblabla, after all 47 percent of the leeches on welfare and food stamps thought he was a rock star, so they elected him. What could go wrong? He won't waste more than a couple trillion dollars a year, will he? Oh no, I must be a racist for not drinking the KoolAid.
right2dave
Mar 25, 2013 3:46 PM CDT
While millions of American children go to bed hungry tonight.
clmsman
Mar 21, 2013 2:42 PM CDT
You are about to witness another 2 billion in tax dollars about to flushed down the toliet. This fantasy of green energy is like he trying to find a unicorn. You can never scale up this infant technology to replace the traditional sources and not for a very long time. All these big wigs lost their ass on the wind energy BS T-BONE Pickens did and recently actor Kesly Grahmer said he lost his shirt on this nonsense.